Fibrocell Science, Inc. (OTCBB: FCSC), a biotechnology company focused on the development of autologous cell therapies for aesthetic, medical and scientific applications, announced today that between December 8, 2010 and February 9, 2011 it entered into agreements with certain accredited investors, pursuant to which the Company sold to the purchasers in the aggregate approximately $7.8 million of the Company's Series D convertible preferred stock, which is convertible into shares of common stock at a conversion price of $0.50 per share. Each purchaser also received a warrant to purchase the same number of shares of common stock acquired in the offering at an exercise price of $0.50 per share. None of the securities issued to the investors nor the shares underlying the securities issued to the investors have been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The funds will be used to support continued development of the Company's lead product candidate, azficel-T, proposed brand name laViv®, which is under review by the U.S. Food & Drug Administration (FDA) for the treatment of moderate to severe nasolabial folds and wrinkles. The Prescription Drug User Free Act (PDUFA) date is June 22, 2011.
John Carris Investments LLC acted as placement agent for the transaction.
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